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Jeep may be able to stand on its own and operate independently from its parent company Fiat Chrysler, according to CNBC's analysis of a Morgan Stanley report.

The report suggested that Jeep might be worth more than the rest of Fiat Chrysler Automobiles, according to Morgan Stanley. Adam Jonas, an analyst with the financial firm who issued Monday’s memo, placed Jeep’s market cap at 120% of Fiat Chrysler’s, which currently sits at 23.6B at the time of writing. Jonas added that Jeep’s sales could account for almost half of all Fiat Chrysler’s sales by 2018.

This comes after a 2016 sales report, which found the company sold more than 1.4 million Jeeps worldwide in 2016, which is four times what Jeep sold before Fiat took over Chrysler in 2009.

Jonas’ report has triggered some speculation about whether Fiat Chrysler will let both Jeep and Ram brands stand on their own, like when the automaker decided to let Ferrari operate as a separate entity early last year.

There hasn’t been any official confirmation of Jeep becoming its own brand from Fiat executives, but Jonas said on behalf of Morgan Stanley that current Fiat Chrysler CEO Sergio Marchionne’s expected departure from FCA by the end of 2018 might trigger plans to let Jeep stand on its own.